KBC Securities - TINC Comm. VA (TINC) Morning Notes : TINC BB

Report

KBC Securities

Hilde Van Boxstael ...

Livio Luyten
Wim Lewi

Morning Notes : TINC BB

: TINC BB

11/09/2025 1 EN

Underlying

TINC Comm. VA

TINC Comm VA. Tinc Comm VA, also known as TINC, is a Belgium-based company focusing on investments in Infrastructure Asset Companies holding capitalintensive Infrastructure Assets providing services and generating cash flows of a long term sustainable nature. The Initial Investment Portfolio of the Company includes investments in over 10 Infrastructure Asset Companies holding underlying Infrastructure Assets in public private partnerships (PPP), energy and real assets in Belgium and the Netherlands, including Strorm and Brabo 1, among others. It operates through Storm Holding 4 NV.

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BE0974282148 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Hilde Van Boxstael

Livio Luyten

Wim Lewi

Other Reports on these Companies

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TINC 1H25 Results: Updating our NAV Forecast model

In light of TINC's strong 1H25, we updated our model and projections. In 1H25, the portfolio fair value rose to €649.3m, up 26.8% from FY24-end. This is in line with our expectation of €671.1m for FY25. Long-term portfolio growth assumptions remained roughly the same, taking into account the €110.8m in commitments and an estimated €100.0m in new investments. We anticipate that the current credit facility gives TINC a runway of 3 years. For FY30, we revise our expected NAV from ~€830m or 17.2ps to ~€793m or 16.4ps, mostly due to increased dividend payouts. This represents a 4.7% CAGR, not inclu...

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TINC 1H25 Results: Updating our NAV Forecast model

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Basic-Fit Frontloaded Costs, Strengthened Liquidity, and Upward Valuation Revision

We revise our FY25 and FY26 underlying EBITDA less rent forecasts upward by +3.2% and +1.7%, respectively. Our FY25 estimate now stands at EUR 343.6m, which remains at the lower end of management's guidance range (EUR 330–370m). Importantly, we lower our risk premium following the EUR 350.0m in additional secured bank financing obtained in 1H25. This enhanced liquidity profile and extended maturities reduce refinancing risk and support our confidence in Basic-Fit's capital structure. As a result, we raise our TP from EUR 20.0 to EUR 26.0. We note that both employee expenses and maintenance cap...

September 10, 2025 September 10, 2025 1 EN

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Morning Notes : TINC BB

We are a financial services provider for several types of professional clients, each with distinct needs.

TINC 1H25 Results: Updating our NAV Forecast model

Morning Notes : BFIT NA, TINC BB, WDP BB

TINC 1H25 Results: Updating our NAV Forecast model

Basic-Fit Frontloaded Costs, Strengthened Liquidity, and Upward Valuation Revision

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